Vehicle Insurance Disgrace

A case was highlighted on television this morning where a well known actor had previously paid a few hundred pounds for car insurance last year, but was asked to pay a jaw dropping increase of thousands to renew, without having made a claim on the policy.

It happens that there had been two 'no fault' claims relating to the actor concerned and this was the excuse that the insurance company used to push up the premium. It also happens that the actor is 82 years of age, but the insurance company said it's not about age!! Yeah, like we believe that eh?

The fact remains that a good few insurance companies can be likened to the banks, they rip us off big time. They are quick to take our money, but wriggle to get out of paying out when something goes wrong, despite some of us never making a claim in our lifetime.

When you are a young driver you get hit hard for cover, when you are an older driver you apparently now get hit hard for cover despite no claim, so what is left for the insurance companies? Answer, take the cream (profit) off of the best risk, the group with presumably less risk to the insurance company if we are to believe what we hear. They are being selective and making the rest pay, it'swrong and it needs to change.

The whole car insurance industry needs to be investigated in my opinion, with action imposed upon them if they are found to be working against the good of their customers, as the banks have been.

So come on David Cameron start the ball rolling!

Vehicle Insurance is just one example where Insurance Companies rip off loyal customers - similar practices exist with Household and Life Insurance.

Whenever I have been presented with a renewal premium which has increased for no good reason, I pick up the phone and ring around for a better quote. Insurance Companies rely on a certain amount of inertia amongst older customers, but if an insurance company increases a premium for no good reason, it does not deserve customer loyalty.

The answer is simple, pick up the phone (or go online) and you are sure to save money. 

Just had a vehicle insurance renewal advisory come through via email, will see how much I can save by NOT going with the same Company again this year. They state "Our search for a product to meet your requirements has involved a limited number of insurers" which to my mind all but says you can most likely find it cheaper.

I'll be back!

Go for it, Ron. I'm sure you will find a cheaper quote by going elsewhere, especially if you have a good claims record and can get a good NCD. 

A new customer will often get a preferential rate. Even though it might be increased at the next renewal, you can always change insurer each year.